In Clarity Act's final weeks, its path through U.S. Senate not getting much clearer

Senate, and one of them is a political challenge to President Donald Trump's own crypto ties. The market structure legislation has about five weeks left to get approval before Congress' summer break, which leads into the height of the midterm elections season. Crypto industry executives are flying in to Washington to make their case to senators.The weeks are growing short for the Digital Asset Market Clarity Act to thread the needle of the U.S. Senate, but talks continue in several distinct negotiations as lawmakers seek to patch the remaining rifts in the crypto industry's most important policy effort.

The toughest of the negotiations involves the Clarity Act provision to limit senior government officials from maintaining business ties with the industry, as is most prominently illustrated by President Donald Trump's own interests. Industry insiders have largely been watching from the sidelines as Senate Democrats including Ruben Gallego and Kirsten Gillibrand conduct close, three-party talks with Republican counterparts and the White House.

While the Democrats have rebuffed some ideas, they've immediately returned to the table, according to a person briefed on the talks. But no details have yet emerged about what the government officials' limitations might look like, apart from earlier suggestions from White House adviser Patrick Witt, who said the intent of his office was to ensure the restrictions affected a wide swath of government officials and didn't target the president directly.